Hesai(US:HSAI) Tianfeng Securities·2025-06-07 10:20Investment Rating - The investment rating for the company is "Buy" with an expected relative return of over 20% within the next six months [11]. Core Insights - The company reported a revenue of 530 million yuan in Q1 2025, representing a year-over-year increase of 46.3%. The gross margin was 41.7%, up by 2.9 percentage points year-over-year. Non-GAAP net profit reached 8.6 million yuan, marking a return to profitability [2]. - The total shipment of LiDAR units in Q1 2025 was 195,818 units, a year-over-year increase of 231.3%, with ADAS LiDAR shipments accounting for 146,087 units, up 178.5% year-over-year [2]. - The company has established ADAS partnerships with 23 OEMs globally, covering over 120 vehicle models, and has made significant progress in both domestic and international markets [2][3]. - The company anticipates strong growth in 2025, projecting revenues between 3 billion to 3.5 billion yuan and LiDAR deliveries of 1.2 to 1.5 million units, with 200,000 units expected in the robotics sector [4]. Summary by Sections Q1 2025 Performance Overview - Revenue was 530 million yuan, with a year-over-year growth of 46.3% - Gross margin stood at 41.7%, an increase of 2.9 percentage points year-over-year - Non-GAAP net profit was 8.6 million yuan, indicating a return to profitability [2] Business Development - The company has secured ADAS partnerships with 23 OEMs globally, involving over 120 vehicle models - New POC projects with top-tier OEMs in Japan and Europe are underway, with several completed in Q1 2025 - Domestic partnerships include new models from various car manufacturers [2][3] Robotics Sector - The company plans to supply 300,000 units of the JT series LiDAR to a partner in the lawn mowing sector within the next year - Collaborations in the Robotaxi and unmanned delivery sectors are progressing towards commercial operations [3] Production Capacity Expansion - A new production line is set to commence operations in Q3 2025, with an expected annual output of 2 million units by the end of the year - A new factory in Southeast Asia is planned to be operational by late 2026 or early 2027 [3] Future Outlook - The company expects to maintain strong growth momentum in 2025, with revenue projections of 3 billion to 3.5 billion yuan and LiDAR deliveries of 1.2 to 1.5 million units [4] - The company is well-positioned to benefit from the growth of the autonomous driving industry and increasing penetration of L2+/L3 technologies [4]